According to report published by Grand View Research, Rising trend towards the preference of renewable sources of energy over conventional sources considering the minimal environmental impact of the former is projected to propel the market growth over the forecast period.

According to a report,“Solar Panel Recycling Market Analysis, By Process (Thermal, Mechanical, and Laser), By Type (Monocrystalline, Polycrystalline, And Thin Film), By Region, And Segment Forecasts, 2018 – 2025”, published by Grand View Research, Inc.,

The global solar panel recycling market is expected to be valued at USD 384.4 million by 2025, according to a new report by Grand View Research, Inc. Rising trend towards the preference of renewable sources of energy over conventional sources considering the minimal environmental impact of the former is projected to propel the market growth over the forecast period.

The mounting PV installation rates on account of dripping prices is expected to further augment the demand for solar panels. Also, the growing awareness among the users regarding the cost as well as environmental benefits associated with solar energy is likely to actuate the market demand. With the extensive research and development underway, various novel processes and mechanisms to carry out effective recycling of solar panels have evolved.

Additionally, several stringent regulations and certifications of the government with regard to proper solar panel waste treatment as well as to encourage the adoption of solar energy projects is anticipated to drive the market. To enable sustainable development, government authorities are also providing various incentives and support schemes for efficient recycling of solar panels.

Mechanical process of recycling is widely used due to its efficient results and the minimal environmental impact. Moreover, the monocrystalline solar panels accounted for 51.4% of the global solar panel recycling market in 2016. High efficiency levels along with space efficiency and longer shelf life is expected to increase the demand for these panels over the forecast period.

Europe is the leading market for solar panel recycling owing to the early adoption and wide consumer acceptance in the region. Presence of various government measures to regulate the recycling process in countries such as Germany and UK is anticipated to propel the market growth. The technological advancements to enhance the recycling rate are likely to fuel the demand for the market over the next eight years. Countries like US, China, Japan, and India in the regions of North America and Asia Pacific are also rapidly developing markets for solar panel recycling.

In terms of value, the market is expected to record a CAGR of 22.1% from 2017 to 2025 on account of increasing adoption and government regulations on solar module recycling. In terms of revenue, thin film panel segment is expected to denote a CAGR of 25.9% from 2017 to 2025 owing to high flexibility and low-cost advantages offered by the panels relative to other segments.

Europe was valued at USD 28.3 million in 2016 and is expected to witness significant demand over the period of forecast considering the growing government regulations in light of sustainability concerns.

Key participants include Yingli Energy Co. Ltd; First Solar; Canadian Solar; Envaris; ECS Refining LLC; Rinovasol; Reclaim PV Recycling; Silcontel; Reiling Group; and Silrec Corporation. The companies are focused on extensive innovation and enhancing their service quality to maintain their standing in the market.

In 2017, First Solar, entered into a collaborative sales agreement with Zorlu Holding, A.S, a Turkish company to distribute its thin film PV modules in 26 countries.

Solar Pumps Market: Increasing agricultural activities coupled with water extraction for irrigation based on renewable energy is expected to drive the global solar pumps market over the forecast period.

Global solar panel recycling market revenue, by type, 2016 (%)

Grand View Research has segmented the solar panel recycling market on the basis of process, type, shelf life and region:

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 126 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 4126 analysts and consultants, the company adds 121200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 600 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.